Island Life Case Study

In: Business and Management

Submitted By Maisha
Words 446
Pages 2
1. Identify and briefly justify the core problem (major internal weakness) faced by Island Life Insurance.

The core problem lays in the marketing concept i.e. the Product concept undertaken does not suit the industry in which the company is in. This can be seen where the company focuses mainly on quality and continuous improvement with little promotion. Since insurance is an unsought good, promotion is highly needed, yet there is limited promotion and no marketing department.

2. Suggest a marketing strategy to increase sales at Island Life. The marketing strategy should identify the target market and the marketing mix. Briefly justify each element of the marketing strategy.

The marketing strategy that should be implemented holds a selling concept; this concept can increase sales by developing a strong promotional strategy as well an established marketing department, which can be highly effective once the promotional budget is well planned. Although the company has a target market of mainly males who hold 52.5% of the population, the company is not capitalizing out on the other 47.5% of women who can attribute highly to increase sales; therefore insurance should be sold to persons who need insurance and the target market focuses on persons between 25-65 years of age. Along with the right marketing concept and a readjusted target market, the marketing mix would be as follows:

Product

High quality should be continued in order to maintain existing customers, as well as to attract new customers. High quality can create continuous trust and loyalty from consumers i.e. building a long term customer relationship (although not practiced in the selling concept can be beneficial) therefore if customers were to buy another or a new policy, they would return to Island Life Insurance.

Placement/Distribution

Although it is stated that agencies are well…...

Similar Documents

Island Life Insurance Case Study

...Island Life Insurance Mission Statement What do we do? Provide Life Insurance How do we do it? ?? Whom do we do it for? What value are we bringing? Core Problem * Selling Concept * To achieve 5% of market in 20th year, currently only 3% has been achieved. The other 2% must be achieved in the next 2 years Strengths * Reputation * Financial Stability [Island Life Insurance and Island Life General and Casualties Weakness * No marketing department, not enough promotion (insurance needs a lot of insurance since it is not a sought out product/good by most people. A new product cost $100,000 Opportunities * Offer current policies holders a package update to keep them from surrendering their policies or lapsing. * Female Market * Current economy has improved and life insurance is selling again Threats * 25 long term life insurance companies / competition / larger and more established companies Alternatives * Promotion Use a marketing strategy that would draw customers to their insurance company. Since the idea is to get the word out then advertising can be done via websites, billboards, and newspapers. Also, by referrals Pros This can be very effective for unsought goods such as insurance. This strategy lets prospective customers know what you are selling, which can capture their attention and query further either by calling in or going to one of the......

Words: 306 - Pages: 2

Island Life Insurance Company Case Study

...that it may also be viewed in terms of the role of the leaders and their ability to achieve effective performance from others. Leadership Theories Although people have always expressed an interest in leadership it was not until the early part of the twentieth century that researchers actually began to study leadership. These early theories which focused on the leader are called trait theories. Robins and Coulter (2009) further contend that people are born with certain character traits or qualities. Since certain traits are associated with proficient leadership, it assumes that if you could identify people with the correct traits, you will be able to identify leaders and people with leadership potential. These early theories also focused on how the leader interacted with his or her group members and this is known as behavioral theories. Robbins and Coulter (2012) suggests that this theory considers the observable actions and reactions of leaders and followers in a given situation. Behavioral theories focus on how leaders behave and assume that leaders can be made, rather than be born. Behavioural theories of leadership are classified as such because they focus on the study of specific behaviours of a leader. Situational Theory (Hersey & Blanchard) This approach sees leadership as specific to the situation in which it is being exercised. For example, whilst some situations may require an autocratic style, others may need a more participative approach. It also......

Words: 2838 - Pages: 12

The Consolidated Life Case Study

...Main problem The main problem in this case is the conflict between two different cultures underlined by two divergent management styles. A loose and people-oriented management style, applied by the supervisor Mike Wilson which proved to be efficient with the current situation of Consolidated Life company, versus a strict and task-oriented management style exercised by the senior vice president Jack Greely, a style assumed by the management to be the reference model that reflects the company’s culture and to be followed by all managers. Clash of cultures and management styles When Mike first got hired, the culture was “laissez faire” with flexible supervisory style, supervisors were free to manage their units as they saw fit and the management was tolerant to some limits. This culture permitted Mike Wisely to go far with his flexible management and create a loose and casual atmosphere in the company. Mike was more into a family type of culture with personal, face-to-face relationship with his team members. After he returned to the company, the management changed to be more tough and stricter with rules enforcement and task-oriented style. People have to do the work following the vice president rules and procedures with no margin of freedom or self-initiatives. Management, by oppression and hardship, governed the atmosphere in the company that some employees felt like working in a prison. Tension among employees, especially supervisors, was very high and people were...

Words: 318 - Pages: 2

Case Study of Great Eastern Life Vietnam

...might open restaurants in their countries. As usual, franchise is the next step after business goes into operation for quite a while and it has gained some breakthroughs. In the context of Vietmac, franchise was launched just a very short while after Vietmac entered the market. [pic] Source: http://www.AppRice.com/Why.php One of the reasons which has helped Vietmac boost up its activities in just around two years is in my opinion the founders’’ determinations for new challenges and is quick decision making of a small but dynamic company. This is also an advantage that big establishments may not possess because of hierarchically complicated structures. Decisions may have to bypass layers of authority and in some cases it may take months or years for approval. The president, a very experienced marketing expert A plenty of people have wondered why Vietmac has been developing so fast with more than ten restaurants in Ha Noi and Saigon and one in Germany. More importantly, this young entity completely built up its franchise policy and is franchising to partners. It is not surprised once the president of the company is named, e.g., Mr. Ngo Trong Thanh. He is quite a well-known businessman in sales and marketing expertise with more than 10 years holding key position in multinational corporations and is the owner of Mancom, one of the young leading company in business consultancy in the North. He is one of the few Vietnamese business lecturers......

Words: 4975 - Pages: 20

Delta Life Insurance Company: Case Study

...Preface The study attempts to evaluate the performance of the private life insurance companies of Bangladesh, mainly I highlight the delta life insurance company. Insurance is a technical device of risk management. Risk taking is the sixth function of marketing and marketing is an important insurance function. It is a total system of business activities designed to plan, price promote and distribute want satisfying products, services and ideas to target markets in order to achieve organizational objectives. In the United States about 87% of the business is service oriented. In our country about 65% business activities are service oriented. Development of Business depends on the degree of service provided by the companies. Retention of customer depends on the relationship and service of the companies. Customer Relationship management is the widely popular marketing term that has given tremendous impact among the modern customer. Delta Life insurance Co. Ltd. who is deals with insurance business has now turn into service oriented organization to meet the demand of the 21st century as the competition has got momentum. Insurance is one of the important sectors that are playing a vital role in the economic development of the country. An attempt has been made to discuss the whole topics in two distinctive sector- organization related matter and marketing strategy respectively. Insurance industry is one of the strategic sectors in the country Acknowledgement is due to Dr. Afjal......

Words: 5472 - Pages: 22

Case Study: the Luxury of Living a Longer Life

...show the prediction that the population of Barbados will increase by a small percentage. In this case, it is seen that the age structure is more likely to experience a higher level of change. It is clearly shown that from the years 2000-2025, the birth rate drops, while more people live to be older – people living in the year 2025 have longer life span than the people living in the year 2000. This basically goes to show that there will be more of the elderly than the infants in the year 2025. Many things alter when societies modernize, but it is not clear as to which factors are the direct cause of the declining birth rates, or the increasing life spans. There have been no shortage of reasons proposed, but unfortunately, only a handful is convincing enough to be accepted by the norm (Foster & Shrira 2009). Decreasing birth rates could very well be associated with the idea that children can be financial burdens to their parents as the cost of raising a child exceeds what the child could ever contribute, even in past societies. A more reasonable possibility, however, is that parents have begun to limit the size of their family so that more resources can be allocated to each child (Foster & Shrira 2009). This again brings the reasoning back to the ever-increasing costs of raising children. For example, decent education is now perceived to be an important component of a good life, so parents are now more likely to encourage their child to pursue education in......

Words: 1852 - Pages: 8

Second Life Case Study Questions/Answers

...CASE STUDY QUESTIONS QUESTION 3 There are several ways to start up business in an online virtual server. Second Life as of now harbored few to many online companies that does business online as a form of advertising or even setting up their virtual business inside the server by buying up “lands” in the so called “Grid” world. Of course, to do that, you have to buy the virtual “land” to start up the virtual business by subscribing to the premium membership on the website. By subscribing, several benefits can be enjoy including owning a house and rights to own a land. The current subscription cost according to the game website - secondlife.com - is USD$72 for an annual subscription, USD$22.50 for a quarter subscription or USD$9.95 for monthly subscription. Personally and hypothetically, the initial cost for me to setup an online business on the “lands of the Grid” would be a monthly subscription of USD$9.95 as uncertainty in conveying the business over a decade plus old virtual server especially these past two years have been radically risky with mushrooms of similar online servers like gaiaonline.com and social networking sites like facebook that has been rampaging in this fast-paced information system industry. Also, there are questions about its current popularity against the other fast information changing platforms and how it cope with the current market segment. A typical online business would be an online auction/selling business. Specifically, i would set up a small......

Words: 970 - Pages: 4

Study Life

...Evolution Evolution is the process of change that has transformed life on Earth DNA Deoxyribonucleic acid: a long linear polymer found in the nucleus of a cell and formed from nucleotides and shaped like a double helix Biology The scientific study of life Emergent properties New properties that arise with each step upward in the hierarchy of life, owing to the arrangement and interactions of parts as complexity increases. Systems Biology An approach to studying biology that aims to model the dynamic behavior of whole biological systems based on a study of the interactions among the system's parts. Eukaryotic Cell A type of cell with a membrane-enclosed nucleus and membrane-enclosed organelles. Organisms with eukaryotic cells (protists, plants, fungi, and animals) are called eukaryotes. Prokaryotic Cell A type of cell lacking a membrane-enclosed nucleus and membrane-enclosed organelles. Organisms with prokaryotic cells (bacteria and archaea) are called prokaryotes. Gene A discrete unit of hereditary information consisting of a specific nucleotide sequence in DNA (or RNA, in some viruses). Biosphere The entire portion of Earth inhabited by life; the sum of all the planet's ecosystems. Ecosystems All the organisms in a given area as well as the abiotic factors with which they interact; one or more communities and the physical environment around them Community All the organisms that inhabit a particular area; an......

Words: 663 - Pages: 3

Case Study on Juhurul Islam Life

...Limited, etc. which signify the dreams of Jahurul Islam. In these establishments he had almost one hundred crore taka worth of investment. Entrepreneurship & Small In personal life, Jahurul Islam was very simple and economical. He didn't have any bad habits of smoking and likewise. He used to wear very simple dress, usually pajama and serwani even while he used to move abroad. He used to have very normal food especially rice and fish at day time and chapati at night. In every morning, he used to say fajr prayer and after that take a nap. Then, he used to start his days routine that would take him to end mostly till midnight. Jahurul Islam died in 1996. But the people of Bangladesh will ever remember his name because of his achievements in the field of economic development of our newly liberated country. He believed in the theme of total business along with his family members. He had a very positive outlook towards business. He faced many difficulties in his way of business life but he successfully overcome all those with positive spirit and concerted efforts. He never deprived any body from his due share. Even he had very positive attitude towards his competitors. Besides his entrepreneurial achievements, he had a lot of enthusiasm for social works and educational fields as well.At the end of his life, in order to encourage medical education, he established in his own locality at Bajitpur the Jahurul Islam Medical College which is currently considered as a dependable......

Words: 2923 - Pages: 12

Case Study: Accenture's Work-Life Balance Programs

...Case Study: Accenture's Work-Life Balance Programs 1. Which key attributes of the diversity competency are illustrated in this case? Give specific example of each attribute identified. The key attributes of the diversity competency that were illustrated in this case are embracing and developing personal team or organizational tendencies and learning from individuals, teams, or organizations with different characteristics, experiences, perspectives, and backgrounds. Accenture incorporated these attributes by introducing Back-up Dependent Care, Lifework, and Future Leave programs. 2. Which key attributes of the self competency are illustrated by Christ Tserng in this case? Give a specific example of each attribute identified. The key attributes of the self competency that were illustrated by Chris Tserng are taking responsibility for managing oneself and career over time and through stressful circumstances; assessing and establishing one’s own developmental personal, and work-related goals. In the case, Chris had been at Accenture for ten years before she started a family. Once the baby was born, she planned to take her scheduled maternity leave and vacation time. During the time she was off, Chris hired a caregiver however; the caregiver could not start when Chris was ready to work. Chris took advantage of the Future Leave program. This program allows employees to address personal and family issues while preserving their careers. 3. Which key attributes of the......

Words: 445 - Pages: 2

Case Study: Livelihood Component of Ecotourism Projects in Palaui Island of Santa Ana Cagayan

...LIVELIHOOD COMPONENT OF ECOTOURISM PROJECTS IN PALAUI ISLAND OF SANTA ANA CAGAYAN A Case Study Submitted to the Faculty of the College of International Tourism and Hospitality Management Lyceum of the Philippines University Cavite In Partial Fulfillment of the Requirements of the Degree Bachelor of Science in Tourism Management EREKA MAE I. OBOR July 27, 2015 Introduction Palaui Island is a 7,415-hectare island that has been declared as a Marine Reserve under the National Integrated Protected Areas System Act of 1992 and categorized as a Protected Landscape and Seascape. It is part of the Cagayan Special Economic Zone and Freeport managed by the Cagayan Economic Zone Authority (CEZA), a government-owned and controlled corporation. Palaui Island is now considered a model for ecotourism development. It has been declared by CNN in 2012 as the 25th among the top 100 beaches in the world. Then in 2013 it was ranked by CNN as 10th among the top 100 beaches in the world. It also became the site of the Blood and Water episode of Survivor US, increasing its popularity even more. Palaui is a natural destination that also boasts of a centuries-old lighthouse Cabo de Faro Engano. The Cape Engaño Lighthouse in Palaui Island dates back to the Spanish regime and is the only operational lighthouse in the northeastern coast. The island boasts of rich marine resources and uncontaminated environs and has been declared under Coastal Environmental Protection (CEP) by the......

Words: 1189 - Pages: 5

Case Study Analysis of Palsgraf V. Long Island Railroad Company

...Case Study Analysis of Palsgraf v. Long Island Railroad Company Michael J. Roberts Liberty University Palsgraf v. Long Island Rail Company is a case where the plaintiff, Ms. Palsgraf, was on one end of a train platform when a package was knocked out of the hands of another passenger who was attempting to board a moving train with the assistance of a guard, the defendant, on the other end of the train platform. The package being knocked out of the passenger’s arms and onto the ground created an explosion which knocked over some scales that were near Ms. Palsgraf and caused harm to her at the opposite end of the train platform. Mr. Palsgraf is taking the Long Island Rail Company, representing the guard on the platform, to court for damages she suffered through the injuries caused by the scale falling on her as a result of the guards assisting another passenger onto the train and knocking the package out which then exploded. Negligence is not a tort unless it results in the commission of a wrong, and the commission of a wrong imports the violation of a right, in this case, we are told, the right to be protected against interference with one’s bodily security. (Edwards, 1999, p. 131) In this case negligence is not a consideration as the guard was unaware of the contents of the passenger and he was doing his duty in protecting the passenger by pushing him onto the train before he fell off and injured himself. Proximate cause concerns arise because it may sometimes......

Words: 858 - Pages: 4

Case Study Mactan Island

...resort destination, Mactan Island stands in sharp contrast to the coast to the coast destination in other Southeast Asian countries. Mactan’s costal tourism has essentially developed on a low rock coast two lagoons facing a deep sea fringed by viable coral reefs. The Mactan shoreline is characterized by short sandy beaches between pronounced coral rock outcrops serving as “headlines” along the southeast coast facing Olango Island. Since the 1970s, this coast has experienced significant change due to poorly planned resort development. Three types of modification to Mactan’s southeast coast can be identified. The early stage involved the least amount of change to the rock coast. The existing limited sandy beaches were used and sea walls were built where necessary. The middle stage of modification witnessed a variety of coastal structures built to retain the beaches, together with the use of imported sand for beach nourishment. Groins and breakwaters were deployed in various ways to create different resort layouts. The final stage of modification was the excavation of the rock coast and the creation of new and artificial beaches. Shangri-La’s Mactan Island Resort was the first to carry out the bold move of excavating the rock and building an entire artificial beach. The process of creating a new beach started with the initial removal of the rock along a 350m stretch by jackhammers to form a large bay. Two large outcrops were left behind to remain as island and to help retain......

Words: 1388 - Pages: 6

Case Study 2.1 Organizational Culture: Life or Death

...will automatically be removed after scanning unless you change the default setting. Removing or disabling potentially unwanted software may result in · other software on your computer ceasing to work, or · your breaching a license to use other software on your computer. By using this software, it is possible that you will also remove or disable software that is not potentially unwanted software. 7. INTERNET-BASED SERVICES. Microsoft provides Internet-based services with the software. It may change or cancel them at any time. a. Consent for Internet-Based Services. The software features described below and in the Windows Vista Privacy Statement connect to Microsoft or service provider computer systems over the Internet. In some cases, you will not receive a separate notice when they connect. You may switch off these features or not use them. For more information about these features, see the Windows Vista Privacy Statement at http://go.microsoft.com/fwlink/?linkid=96553. By using these features, you consent to the transmission of this information. Microsoft does not use the information to identify or contact you. Computer Information. The following features use Internet protocols, which send to the appropriate systems computer information, such as your Internet protocol address, the type of operating system, browser and name and version of the software you are using, and the language code of the device where you installed the software. Microsoft uses......

Words: 6174 - Pages: 25

Case Study About Sun Life Financial Services

...Case Study about Sun Life Financial Services Manalaysay, Levi Jhanine P. MG11A Prof. Rosalinda Lacerona Title of the case: Sun Life Financial Services Time Context: Summary/ Abstract Sun Life Insurance is an international insurance company, providing individual and corporate life insurance, group retirement services and benefit management services. The Canadian operations have offices located throughout Canada, with the head office in Toronto. The Group Claims division provides drug and dental claim management and claim adjudication to companies in Canada through its 4 main centres in Toronto, Ottawa, Edmonton and Montreal. Clients include the Federal Government, City of Toronto, Royal Bank of Canada and Magna International. Sun Life Canada alone had a customer base of 7 million. It had its stock listed on the stock exchanges of Toronto, New York, London and Manila. Sun Life’s presence in Hong Kong has been growing stronger and stronger over the past 100 years. Clear and sound policy formulation requires any company to have well defined business objectives, vision and mission. Sun Life Hong Kong aims to be one of the top five players in the Hong Kong market for both wealth management and insurance. In the present time, Sun Life manages assets in excess of $425 billion and has an employee base of more than 14,700 and few thousands of independent agents worldwide. By 2001, with revenues of C$ 16.7 billion, Sun Life Financial Services (Sun Life) had......

Words: 2094 - Pages: 9